Banks

Banks is positioned among the lower quartile of areas assessed nationally for population growth based on AreaSearch's assessment of recent, and medium term trends

Based on analysis of ABS population updates for the broader area, and new addresses validated by AreaSearch, the estimated population of Banks as of Nov 2025 is around 5,013. This reflects a decrease of 87 people since the 2021 Census, which reported a population of 5,100. The change is inferred from the resident population of 5,008 estimated by AreaSearch following examination of the latest ERP data release by the ABS in June 2024 and an additional three validated new addresses since the Census date. This level of population equates to a density ratio of 2,228 persons per square kilometer, which is above the average seen across national locations assessed by AreaSearch. While Banks experienced a 1.7% decline since census, the SA3 area achieved 0.2% growth, highlighting divergent population trends. Population growth for the area was primarily driven by natural growth that contributed approximately 82.0% of overall population gains during recent periods.

AreaSearch is adopting ABS/Geoscience Australia projections for each SA2 area, as released in 2024 with 2022 as the base year. For any SA2 areas not covered by this data, and for years post-2032, age group growth rates from the ACT Government's SA2 area projections, with 2022 as a base, are adopted. Considering the projected demographic shifts, over this period, projections indicate a decline in overall population, with the area's population expected to contract by 265 persons by 2041 according to this methodology. However, growth across specific age cohorts is anticipated, led by the 65 to 74 age group, which is projected to grow by 72 people.

The level of residential development activity in Banks is very low in comparison to the average area assessed nationally by AreaSearch

AreaSearch analysis of ABS building approval numbers, allocated from statistical area data, indicates Banks has averaged approximately one new dwelling approval per year over the past five financial years, totalling an estimated six homes. No approvals have been recorded so far in FY-26. The population has fallen during this period, suggesting that new supply has likely kept up with demand, offering good choice to buyers.

New homes are being built at an average expected construction cost value of $900,000, indicating a focus on the premium segment with upmarket properties. Compared to the Australian Capital Territory, Banks has significantly less development activity, 90.0% below the regional average per person. This scarcity typically strengthens demand and prices for existing properties, reflecting the area's maturity and possible planning constraints. Recent development has been entirely comprised of detached dwellings, maintaining the area's traditional suburban character with a focus on family homes appealing to those seeking space. New construction favours detached housing more than current patterns suggest, demonstrating ongoing robust demand for family homes.

Banks shows a mature, established area with around 5018 people per approval. With population expected to remain stable or decline, the area should see reduced pressure on housing, potentially creating opportunities for buyers.

Banks has very high levels of nearby infrastructure activity, ranking in the top 20% nationally

No factors influence an area's performance more than changes to local infrastructure, major projects, and planning initiatives. AreaSearch has identified zero projects likely to impact this area. Key projects include Southquay Greenway Stage 2 - Block 1 Section 80 Public Housing, Lanyon Marketplace Improvements, Monaro Highway Safety Upgrades, and Big Canberra Battery (Williamsdale BESS). The following list details those most relevant.

Professional plan users can use the search below to filter and access additional projects.

Denotes AI-based impression for illustrative purposes only, not to be taken as definitive under any circumstances. Please follow links and conduct other investigations from the project's source for actual imagery. Developers and project owners wishing us to use original imagery please Contact Us and we will do so.

AreaSearch analysis indicates Banks maintains employment conditions that align with national benchmarks

Banks has a skilled workforce with significant representation in essential services sectors. The unemployment rate is 4.0%.

Over the past year, there was an estimated employment growth of 1.2%, as per AreaSearch's aggregation of statistical area data. As of June 2025, 3,090 residents are employed while the unemployment rate is 0.6% higher than the Australian Capital Territory's rate of 3.4%. Workforce participation in Banks is 77.2%, compared to the Australian Capital Territory's 69.6%. The key industries of employment among residents are public administration & safety, health care & social assistance, and construction.

Construction has a particularly notable concentration with employment levels at 1.5 times the regional average. Professional & technical services have limited presence with 6.4% employment compared to 11.1% regionally. The area appears to offer limited local employment opportunities as indicated by the count of Census working population versus resident population. Over the 12 months to June 2025, employment increased by 1.2% while labour force increased by 1.6%, causing the unemployment rate to rise by 0.3 percentage points. In contrast, Australian Capital Territory experienced employment growth of 1.9% and labour force growth of 1.6%, with a 0.3 percentage point drop in unemployment rate. Jobs and Skills Australia's national employment forecasts from Sep-22 offer insight into potential future demand within Banks. These projections suggest national employment will expand by 6.6% over five years and 13.7% over ten years, but growth rates differ significantly between industry sectors. Applying these industry-specific projections to Banks's employment mix suggests local employment should increase by 6.1% over five years and 12.6% over ten years.

The economic profile demonstrates exceptional strength, placing the area among the top 10% nationally based on comprehensive AreaSearch income analysis

AreaSearch's latest postcode level ATO data for financial year 2022 shows that income in Banks is very high nationally. The median income is $68,593 while the average income stands at $75,485. This contrasts with Australian Capital Territory's figures of a median income of $68,678 and an average income of $83,634. Based on Wage Price Index growth of 13.6% since financial year 2022, current estimates would be approximately $77,922 (median) and $85,751 (average) as of September 2025. Census 2021 income data shows household, family and personal incomes all rank highly in Banks, between the 88th and 89th percentiles nationally. Income analysis reveals that the $1,500 - 2,999 earnings band captures 37.0% of the community (1,854 individuals), consistent with broader trends across the surrounding region showing 34.3% in the same category. Economic strength emerges through 37.0% of households achieving high weekly earnings exceeding $3,000, supporting elevated consumer spending. Housing accounts for 14.6% of income while strong earnings rank residents within the 88th percentile for disposable income and the area's SEIFA income ranking places it in the 6th decile.

Banks is characterized by a predominantly suburban housing profile, with ownership patterns similar to the broader region

Dwelling structure in Banks, as evaluated at the latest Census, comprised 79.1% houses and 21.0% other dwellings. In comparison, Australian Capital Territory had 79.6% houses and 20.4% other dwellings. Home ownership in Banks was 21.9%, with mortgaged dwellings at 60.0% and rented dwellings at 18.1%. The median monthly mortgage repayment in Banks was $2,000, aligning with the Australian Capital Territory average. The median weekly rent figure in Banks was $424, compared to Australian Capital Territory's $425. Nationally, Banks' mortgage repayments were higher at $2,000 than the Australian average of $1,863. Rents in Banks were substantially above the national figure of $375.

Banks features high concentrations of family households, with a higher-than-average median household size

Family households account for 78.8% of all households, including 41.0% couples with children, 23.4% couples without children, and 14.1% single parent families. Non-family households constitute the remaining 21.2%, with lone person households at 19.8% and group households comprising 1.4%. The median household size is 2.8 people, larger than the Australian Capital Territory average of 2.6.

Banks demonstrates exceptional educational outcomes, ranking among the top 5% of areas nationally based on AreaSearch's comprehensive analysis of qualification and performance metrics

The area's university qualification rate is 22.9%, significantly lower than the SA4 region average of 46.8%. Bachelor degrees are most common at 15.3%, followed by postgraduate qualifications (4.5%) and graduate diplomas (3.1%). Vocational credentials are prevalent, with 38.8% of residents aged 15+ holding them, including advanced diplomas (12.3%) and certificates (26.5%). Educational participation is high at 30.5%, comprising primary education (10.8%), secondary education (8.8%), and tertiary education (3.6%).

Schools appear to be located outside the immediate catchment boundaries, requiring residents to access schools in neighboring areas.

Transport servicing is moderate compared to other areas nationally based on assessment of service frequency, route connectivity and accessibility

Transport analysis shows 28 active stops operating in Banks area, offering a mix of bus services. These are served by 4 different routes, together offering 391 weekly passenger trips. Transport accessibility is rated excellent, with residents typically located 151 meters from the nearest stop.

Service frequency averages 55 trips per day across all routes, equating to approximately 13 weekly trips per individual stop.

Banks's residents are relatively healthy in comparison to broader Australia with the level of common health conditions among the general population somewhat typical, though higher than the nation's average among older cohorts

Banks's health metrics closely align with national benchmarks.

Common health conditions among its general population are somewhat typical but higher than the national average among older cohorts. Approximately 57% of Banks' total population (~2,857 people) have private health cover, which is very high compared to other areas. Mental health issues and asthma are the most common medical conditions in Banks, impacting 10.3 and 8.7% of residents respectively. Around 68.7% of residents declare themselves completely clear of medical ailments, slightly higher than the Australian Capital Territory average of 66.1%. The area has 10.7% of residents aged 65 and over (536 people), lower than the Australian Capital Territory's 17.6%. Health outcomes among seniors in Banks present some challenges requiring more attention compared to the broader population.

The level of cultural diversity witnessed in Banks was found to be above average when compared nationally for a number of language and cultural background related metrics

Banks has a higher than average cultural diversity, with 18.6% of its population born overseas and 15.3% speaking a language other than English at home. Christianity is the predominant religion in Banks, making up 45.9% of people. However, Judaism is notably overrepresented, comprising 0.2% of the population compared to 0.1% across the Australian Capital Territory.

The top three ancestry groups in Banks are Australian (28.0%), English (26.1%), and Other (9.6%). Some other ethnic groups show notable differences: Spanish is overrepresented at 1.1%, compared to 0.7% regionally, Polish at 1.1% versus 0.8%, and Hungarian at 0.4% versus 0.3%.

Banks's population is younger than the national pattern

The median age in Banks is 35 years, matching the Australian Capital Territory's figure but slightly below Australia's 38 years. Compared to the Australian Capital Territory, Banks has a higher proportion of residents aged 45-54 (14.2%) but fewer residents aged 25-34 (14.4%). Between the 2021 Census and the present day, the population share of those aged 65-74 has increased from 5.3% to 6.6%, while the proportion of those aged 5-14 has decreased from 15.0% to 13.7%. By 2041, population forecasts indicate significant demographic shifts in Banks. The 65-74 age group is projected to grow by 18%, adding 59 residents to reach a total of 390. This growth will be driven entirely by residents aged 65 and older. Conversely, the 55-64 and 0-4 age groups are expected to experience population declines.